© Dukascopy Bank SA
- CIBC (based on Reuters)
Pair's Outlook
USD/CAD is hesitantly stepping upwards, following a short consolidation phase. The first resistance to encounter is situated at 1.0008, but we should expect more selling pressure above this level, namely at 1.0060 and 1.0107/04. In the long run the currency pair is aiming for a falling trend-line at 1.0324, as continuation of the wave up within the down-sloping corridor, the start of which dates back to October of the last year.
Traders' Sentiment
The distribution between the bulls and bears remains relatively stable on USD/CAD, where 67% of opened positions are long and the remaining 33% are short. As for the orders placed on the pair, 67% of them are to buy the greenback and 33% are to sell it against the loonie.
© Dukascopy Bank SA